ROBERT L. EHRLICH, JR., Governor                             Ch. 203

submitted to the Senate Budget and Taxation Committee and the House
Appropriations Committee of the General Assembly and approved by the Legislative
Policy Committee.

7-311.

(a)     In this section ["Fund"], "ACCOUNT" means the Revenue Stabilization
[Fund] ACCOUNT.

(b)     The Revenue Stabilization [Fund] ACCOUNT is established to retain State
revenues for future needs and reduce the need for future tax increases by moderating
revenue growth.

(c)      The [Fund] ACCOUNT is a continuing, nonlapsing fund which is not
subject to § 7-302 of this subtitle.

(d)     The [Fund] ACCOUNT consists of:

(1)     moneys appropriated in the State budget to the [Fund] ACCOUNT;
and

(2)     interest or other income earned from the investment of any portion of
this [Fund] ACCOUNT or any other account in the State Reserve Fund.

(e)     Except as provided in subsection (f) of this section, [beginning in fiscal
year 1995 and] for each [subsequent] fiscal year [,]:

(1)      IF THE ACCOUNT BALANCE IS BELOW 3% OF THE ESTIMATED
GENERAL FUND REVENUES FOR THAT FISCAL YEAR, THE GOVERNOR SHALL
INCLUDE IN THE BUDGET BILL AN APPROPRIATION TO THE ACCOUNT EQUAL TO AT
LEAST $100,000,000; AND

(2)      IF THE ACCOUNT BALANCE IS AT LEAST 3% BUT LESS THAN 5% OF
THE ESTIMATED GENERAL FUND REVENUES FOR THAT FISCAL YEAR, the Governor
shall include in the budget bill an appropriation to the Fund equal to at least the
lesser of $50,000,000 or whatever amount is required for the [Fund] ACCOUNT
balance to exceed 5% of the estimated General Fund revenues for that fiscal year.

(f)      The appropriations required by subsection (e) of this section are not
required when the [Fund] ACCOUNT balance exceeds 5% of the estimated General
Fund revenues.

(g)     If authorized by an act of the General Assembly or specifically authorized
in the State budget bill as enacted, the Governor may transfer funds from the [Fund]
ACCOUNT to General Fund revenues.

(h) If the budget bill as submitted to the General Assembly includes a transfer
of funds from the [Fund] ACCOUNT pursuant to subsection (g) of this section, the
budget bill as enacted by the General Assembly may provide for a reduction of the
amount of the transfer from the [Fund] ACCOUNT by an amount up to the amount of
the reductions made by the General Assembly in the General Fund appropriations.

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